One of our buildings was really reluctant to spend several hundred thousand dollars to convert from No. 6 oil to natural gas. We felt that the conversion would have a payback of two to four years. This is an amazing 25 to 33 percent return on an investment, and we convinced the board to go forward. Once the gas had been brought into the building, we changed the two oil burners to dual-fuel, so the building had flexibility and options. The building got several financial incentives totaling $100,000, and when you combine this with energy savings of $50,000 per year, the actual payback was about two years. It was a very successful project for the building, and since then we've completed eight or nine more projects like this. It's a complicated process, but we have it down to a science.

From 2005 to 2011, the price of natural gas dropped 55 percent, and the U.S. increased gas production by 27 percent. Observing this trend, Fairfield Properties prepared a cost/benefit analysis for properties that were burning oil to convert to natural gas. Fairfield then contacted boards to offer assistance to convert and to purchase gas from an energy supply company. Three clients — The Woodlands at Islip [cooperative], Cherry Valley Apartments [cooperative] and Townhouse Village [condominium] in Islandia, N.Y. — are now reaping significant savings. Last year, Cherry Valley [comprising 192 apartments in Garden City, Long Island] spent $295,816 on oil, and this year spent $152,599 on gas — a savings of $143,217. Cherry Valley's treasurer wrote to thank Fairfield for convincing shareholders at an annual meeting to convert to gas. He added that Fairfield kept daily pressure on National Grid and Garden City officials to expedite a resolution and kept the board informed. The community is very pleased with the result.

Buyers Manual

Thinking of buying a co-op or condo? Already bought, and not sure how co-op/condo life and rules work? Learn all about purchasing a place and living in your new community. It's not like renting, and its not like owning a house. What's it like?